Dubai Islamic Bank (DIB) said on Wednesday it has arranged Islamic financing totaling Dh266 million for Parkway International Contracting, to finance a portion of the upcoming Remraam project in Dubailand.

The total value of the contract for Parkway International is Dh760 million and consists of 24 residential buildings at Dubailand, which is being developed by M/s Mizin, a member of Tatweer.

Khaled Kamda, DIB group managing director & CEO, said the bank has been able to make a significant contribution to the contracting sector and has successfully positioned itself as a leading financial institution in the contracting finance business.

'Dubai Islamic Bank has developed financial solutions that are Sharia-compliant while supporting contractors to turn the most ambitious projects into reality,' he noted.

Ahmad Al Shafar, chairman of Al Shafar Group, said: “We are extremely pleased to announce the signing of this major financing agreement with Dubai Islamic Bank, which has always been at the forefront of supporting the economic development of the UAE and, in particular, the construction sector.'

'Our longstanding partnership with DIB is greatly valued by all of us at the Group, and we look forward to continuing to work with them in the future,' he added.-TradeArabia News Service